Decentralized Finance Frenzy Drives Ethereum Transaction Fees to All-Time Highs

uniswap-august-2
Markets
13 August 2020

The average fee per transaction on Ethereum reached $6.04 Wednesday night, according to Blockchair, the highest fees since 2015.

  • Median transaction fees, which have stayed just below historic highs of $3.03, currently sit at $3.00.
  • Fees hovered below $1 until mid-July when transaction fees started to soar.
  • Fee increases coincide with surging activity on popular decentralized financial protocols like Uniswap.
  • At least three similar decentralized finance applications are included on a list of protocols with the highest levels of network utilization, curated by Etherscan.
  • While Ethereum developers have toyed with numerous technical options to reduce fees by scaling the network's transaction capacity, a possible fix remains months away.
uniswap-august-3
Average and median Ethereum transaction fees since July 2015
Source: Blockchair

Read more

DeFi Ethereum Transaction Fees
Snoop Dogg, Deadmau5 Headline New Members of Outlier Ventures’ Accelerator
Uniswap’s August Volume Topples July $1.76B Record in Less Than Two Weeks